Erik Voorhees: Wallets Buy 64K ETH for $125M

Erik Voorhees-linked addresses emerged as the largest on-chain ETH buyers during the recent decline, deploying 125.3 million USDT to purchase 64,231 ETH at an average price of $1,950 across three days.

The wallets now carry $14.77 million in unrealized losses at current levels, with 37.66 million USDT remaining in stablecoins that could represent final dry powder absent leverage. Total holdings stand at 617,000 ETH valued at $10.7 billion.

Price action on the 4h chart shows ETH trading at $1799.64 inside the Bollinger Bands with the lower support at $1769.53 and upper resistance at $2112.17. The bearish structure remains intact as price sits below both the EMA50 at $2037.93 and EMA200 at $2278.04, while RSI at 26.4 signals oversold conditions and MACD at -74.18 confirms the death cross. With price testing lower Bollinger support while RSI flashes oversold, a relief bounce toward the 50-EMA resistance at $2037.93 appears likely before any sustained continuation lower.